StatoilHydro - New Exploration Licenses

Tuesday, December 23, 2008

Tove Stuhr Sjøblom, senior vice president for explorations on the NCS.

StatoilHydro was offered interests in seven production licenses on the Norwegian continental shelf (NCS) in the Awards of Predefined Areas 2008 (APA 2008). The company will be operator of four of the licenses.

“We are pleased with the award, which gives us important new exploration acreage close to the existing infrastructure we are operating on the NCS, ” says Tove Stuhr Sjøblom, senior vice president for explorations on the NCS.

The Norwegian government discussed the proposal for awards in the APA 2008 on 18 December. The offer submitted to the oil companies includes 34 production licenses in areas already opened for petroleum activities.

21 of the production licenses are awarded in the North Sea, 11 in the Norwegian Sea and two in the Barents Sea. StatoilHydro has been awarded interests in four licenses in the North Sea and three licenses in the Norwegian Sea.

“We have completed a highly comprehensive and successful exploration program in 2008,” says Ms Sjøblom. “The new exploration opportunities are in areas which may add volumes to fields in production and thereby help extend their lifetime.